HPS: What is expected of the new business model?
With more than 20 years of activity, HPS has succeeded in accumulating the know-how and business expertise enabling it to become one of the world's leading specialists in secure electronic transactions.
In order to meet customers’ new needs, HPS has adopted a new transaction-based business model, which would enable it to diversify its revenues
HPS initiated the launch of its new Processing activity in 2016 with a goal of developing the new transaction-based business model. In order to prepare this new offer, HPS first acquired the Switching activity of the CENTRE MONETIQUE INTERBANCAIRE –CMI-.
The company should capitalize on new market trends characterized by competition of financial institutions wishing to outsource their services in order to refocus on their core business. Many of its clients in Morocco and Africa would already be interested in switching to Processing solutions.
Valued by us at MAD 1,694 (P/E targets of 17.8x in 2017e and 15.1x in 2018e), we recommend accumulating the HPS share given its solid financial structure, the recognized performance of its PowerCARD solution and a diversified business model.
BMCE Capital Global Research is a subsidiary of BMCE Capital Group dedicated to Research and Financial Analysis. It is addressed to professional investors (financial institutions, management companies, etc.) to which it provides information and independent analysis aligned with international standards. BMCE Capital Research covers equities, interest rate, Forex and commodities markets in Morocco, Tunisia and WAEMU region (Bourse Régionale des Valeurs Mobilières, BRVM). Thanks to its latest generation technology platform, to its teams and to those of its partners, the Research Office of BMCE Capital is now able to cover simultaneously several places in Africa and to produce several publications co-branded under its umbrella brand African Securities Network, ASN.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.